The Labour Party said today that ordinary families were not feeling the economic growth which the government was boasting about.

Party economic affairs spokesman Gavin Gulia noted that the GDP growth registered so far this year stemmed mostly from increased profits in the financial services sector. The banking sector, he said, had seen profits rise five times over those made between 2005-2007 - before the financial crisis.

In contrast, wages and salaries in the first half of 2010 grew by only 0.1% in nominal terms, which in real terms when considering inflation, actually meant a contraction.

It was therefore no wonder, Dr Gulia said, that the Eurostat consumer confidence survey showed that confidence levels in Malta remained at a record low.